Daily brief: Oil demand set to grow, Kuwait makes business with China
The demand for oil is expected to rise more strongly than forecasted next year, the International Energy Agency said. Meanwhile, Kuwait has sealed a healthcare business deal with a Chinese group.
Saudis to claim partial victory in taming huge deficit with 2017 budget
Saudi Arabia’s 2017 state budget is likely to show Riyadh has shrunk a huge deficit caused by cheap oil faster than expected, which may let it spend more to bolster a shaky economy, according to Reuters.
Fight against Malaria hampered by shrinking funds: WHO
Funding shortfalls and fragile health systems are undermining progress against malaria and could jeopardise efforts to reach globally agreed targets on the way to eventual elimination, the World Health Organisation (WHO) said, noting that achieving sustained and sufficient funding to control the often deadly was becoming a serious problem.
Kuwait firm agrees $531mn hospitals deal with Chinese group
Kuwait Health Assurance Company (KHAC) on Tuesday signed a 162 million dinar ($531 million) deal with the China Metallurgical Group Corporation (MCC) to build two hospitals with a 600-bed capacity, KHAC said.
The hospitals will serve insurance-paying expatriates who account for some 70 per cent of Kuwait’s 4.4 million population.
WhatsApp, Skype face tighter constraints under new EU privacy rules
Messaging services such as Microsoft’s Skype and Facebook’s WhatsApp face stricter rules on the way they handle customer data under new privacy laws due to be proposed by the European Union, according to a draft document seen by Reuters.
EU ministers reject Austrian demand to halt Turkey’s membership talks
Austria failed on Tuesday in an attempt to get the European Union to halt membership talks with Turkey, running into opposition from EU partners anxious not to upset a country whose help they need to curb an influx of Syrian refugees.
Oil demand to grow more swiftly, too early to assess global output cut: IEA
Global oil demand will rise more strongly than expected next year, although it is too soon to assess fully the impact of a joint cut in supply by the world’s largest producers, the International Energy Agency (IEA) said on Tuesday.
It stated that revisions to its estimate of Chinese and Russian consumption had prompted it to raise its forecast for global oil demand growth this year by 120,000 barrels per day (bpd) to 1.4 million bpd, and to lift its forecast for 2017 by 110,000 bpd to 1.3 million bpd.
Abu Dhabi reintroduces 5 per cent rent cap after three years
The emirate of Abu Dhabi reintroduced a five per cent cap on annual rent increases on Tuesday in an effort to protect tenants from unjustified hikes, after abolishing the cap three years ago.
After 18 months of relatively stable conditions, real estate prices showed signs of declining in the three months to June 30 as low oil prices slowed Abu Dhabi’s economy, consultancy JLL said in July.